Assesse is a individual & held a land. That land has been acquired by loan taken from bank. No building has been built till date. That land has been given on rent. Now in what head will rental income be shown & can assesse calim interest paid to bank from rental income.
Menu
Income from rent received on land
Replies (1)
The income will be taxable under the head Income from Other Sources. Because, for income to be taxed under House Property, there has to be some kind of structure constructed.
Interest paid to the bank can be claimed as expenses for earning the income, if there is direct linkage between the loan obtained and purchase of land.
Recent Threads
- FCN ( Financial Credit Notes) Treatement in Books
- Indemnity bond notarization for Income Tax (NRI ou
- GST - RCM - for Commercial Building Rent
- Exemption from Penalty for delayed Board meeting
- TDS ON PROFESSIONAL FEES IN NON AUDIT CASE
- Penalty are applicable on short payment of GST
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
Related Threads
CAclubindia
